Bouchard Inc. uses a periodic inventory system. The following transactions took place during January 2017. The company
Question:
transactions took place during January 2017. The company sold 200
units during this month at $6 per unit. For specific identification
purposes, items sold were:
100 units of opening inventory
30 units of purchase #3
30 units of purchase #4
40 units of purchase #5
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Required: Using the income statement format shown below, calculate gross profit for each of:
1. FIFO
2. Specific identification
3. Weighted average.
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FIFO Spec ident Wtd Avg Sales 1200 1200 1200 Cost of ...View the full answer
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Related Book For 
Accounting Introduction To Financial Accounting
ISBN: 9781517089719
1st Edition
Authors: Henry Dauderis, David Annand
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